Prices have recently broken out of our bearish trendline. We see potential for further downside from our 1st resistance at 0.67900 which is a graphical overlap and an area of Fibonacci confluences towards our 1st support at 0.67361 in line with 100% Fibonacci extension and 61.8% Fibonacci retracement. Technical indicators are showing bearish momentum. Alternatively, our stop loss will be placed at our 2nd resistance at 0.68230 in line with 100% Fibonacci retracement and bearish trendline.
Trading Recommendation
Entry: 0.67900
Reason for Entry:
Graphical overlap and an area of Fibonacci confluences
Take Profit: 0.67361
Reason for Take Profit:
100% Fibonacci extension and 61.8% Fibonacci retracement
Stop Loss: 0.68230
Reason for Stop Loss:
100% Fibonacci retracement and bearish trendline
